Ferrari Group, a UK-based shipping firm specializing in luxury goods, has had a remarkable year in 2023. Despite challenges faced by the luxury industry, the company reported its strongest sales in 50 years. Originally founded in Italy, Ferrari Group has now expanded into a global network with its headquarters in London, serving clients ranging from luxury brands to private individuals.
In 2023, the company saw a 7.3% increase in revenue, reaching €333 million. This was a record-breaking figure for Ferrari Group, demonstrating its resilience in a tough market. EBITDA rose by 26.1% to €86.7 million, while EBIT increased by 23.9% to nearly €73 million. Net income also saw a significant rise of 17.1% to just under €57 million, despite rising shipping and personnel costs.
One of Ferrari Group’s standout services is its VIP option for non-EU shoppers, allowing them to pay the VAT-off price in boutiques and leaving their purchases in the care of the company. Ferrari Group then takes care of collecting, insuring, and safeguarding the goods until the buyer receives them at the airport, assisting with final customs formalities.
Throughout 2023, Ferrari Group made strategic investments in its international operations, expanding its presence in key markets such as Germany, the Netherlands, Canada, and South Korea. The opening of a new branch in Gaborone, Botswana, provided easy access to the country’s Diamond Bourse and key players in the precious gems sector.
The easing of supply chain issues left over from the pandemic contributed to Ferrari Group’s success in 2023. Looking ahead to 2024, the company remains optimistic about its prospects, despite a challenging geopolitical landscape. Its positive outlook is based on the performance of the jewelry and watch segment, as well as sales trends observed in the early months of the year.
Ferrari Group may not be a household name, but in the realm of luxury goods shipping, it is a major player. With a strong financial performance in 2023 and strategic investments in its global operations, the company is well-positioned for continued success in the luxury sector.